Select everything, right click and Ungroup. (Might also require Path> Break apart.) Resize or shift the letters over so that they overlap at some point.
If you want to add a small hanging ring, draw up a couple of Filled circles, center the smaller one over the larger one, and subtract out the center in order to create a ring shaped Compound Path. Select both and click Path> Difference.
I would scootch to eyelet down to where the bottom of the inner circle is on the top line of the J or even a hair under to maximize the amount of material connecting it - less likely to break in some materials.
I much prefer step by step pictures and written explanation to vids, all that rewind and replay gets me down, plus trying to understand what they said, even when they have the same accent as me. Not to mention trying to hit the pause when it keeps disappearing.
