All you need are various colored beads, a Morse Code key, stringing materials and your phrase. Determine which colors you want for the different sections of code.
Minimally you'll want four different colors, one each to represent dots, dashes, the space between each letter and the space between each word. You can also use a fifth color to represent the space between each part of the same letter.
It might seem a little complicated, but once you have everything laid out it all makes sense and moves along pretty quickly. Click on either of these images for pdfs of the instructions and layout sheet that you can save or print.
You could also use one bugle bead to represent the dashes instead of the three "dots." If you want to make a bracelet, keep the phrase short and select another color to fill either side of the phrase if necessary.
If you have a longer phrase plan to make a necklace or a multi-wrap bracelet. The length will increase significantly if you add another color for the space between parts of the same letter.