Make sure that you use good quality pony o's--nothing with metal or too thin.
As a mom of a competitive cheerleader, I can tell you that the bow needs to be on tightly and the band takes a lot of wear and tear. Squads can lose points for bows that fall off and it's a huge safety issue.
If you want to be taken seriously, don't cut corners on quality.
Check out the school/gym colors in your area and have variety. There are rules on how big the bow can be, what it can be attached to etc