How do I make a portfolio when I have no work to show?

I have the skills, I have the tools, but I don't have the work. Now, how should I get a job? Make a portfolio first? The problem is, I don't have any work to show (the only things I've done so far don't look very professional). Should I just make some "example" designs? What type of designs should I be showcasing? Fliers? Posters? After I make a portfolio, should I make a resume?