I am making a cake for my daughters first birthday and I want to have several strips with different color fondant. How do I make different colors of fondant without having a full batch of each color?
Thanks!

take a batch of white and divide into balls. Color each ball the color u want.
You can also color balls in primary colors, red , blue & yellow and then mix to get the secondary ones eg red+ yellow = orange

I agree, make up your batch of fondant and break it into the number of colors you'll need and color each piece in the desired shade. Because you're using a small amount of fondant, start with just a toothpick stripe of the color desired and knead it in, before adding more color. In this way you'll have better control of the shades of color you wish to have.

thanks, this is what I had in mind. Is there any chance that the fondant will be streaky? I mean, not a solid shade?

You have to knead it well, it will become a very nice color, no streaks!