Do you have some terracotta flower pots in the garage? These pots are just asking to be painted by your little one. Even if you don't have old ones laying around, you can buy them for a dollar or two and turn them into wonderful keepsakes or great gifts. No need to go to a fancy paint-your-own-pottery studio to capture your child's flair on pottery.
For this project you need brushes and acrylic paint (available in craft stores. Please note that you can't really use washable point for this one if you want it to last. So make sure you protect your work space and use a smock!) You'll also need clear acrylic sealant (you should find this in the same aisle as the paint).
Seal it first: Before your kids are ready to paint, you'll need to brush the acrylic sealant all over the inside of the pot to waterproof it. This is because terracotta is porous, and without sealing it, the dampness from your plant would seep through and ruin the painted surface. You don't have to seal the outside of the pot at this point. If you're using a saucer you can seal the top part where the pot sits.
Once the sealant is dry, you can let your kids paint. What they do is really up to them and you. They can just use a few colors and a brush. Or try sponges, stamps, or other tools for painting. You might even add some sequins with glue, or maybe some stickers.
Seal it last: You do not have to do this, but if you want to give the paint a little more endurance and a glossier finish, you can brush sealant over the painted surface after it has all dried. This will just prevent chipping of the paint.
Options: Put a pack of forget-me-not seeds or some other special flower and give it as a thoughtful gift. Or put a package of candy or coffee in it for a nice teacher-gift with a personal touch. I'm currently using a pot my daughter painted as a pen holder in my office. And an extra saucer (from a pot that was unfortunately broken) is great for holding my rings when I take them off by the sink. Painting pottery with kids has endless possibilities, and when you do it this way, it's very affordable.