The simplest and easiest method is to purchase an arbor and hole cutter fig. 1, that attaches to an electric drill.
Hole cutter's are available in low cost bimetal or higher cost Carbide. Carbide is best for multiple hole cutting or in tough materials. Many grommets sold are often fractional sizes and cutters are not as fractional. Match the size of the grommets required hole to the hole cutter size.
Grommets have a small lip on top to prevent the grommet from falling through the hole and hide any veneer tear out (chipping) when the hole saw busts through. Start the drilling of the grommet on the outside viewable face of the furniture to avoid the rough ugly tear out from showing.
Do not plan on cutting very many holes with a low cost bimetal hole cutter especially when drilling through particle board, as the resins are very metal dulling.
Depending upon where you shop for the cutter, you can purchase cutters like fig. 1 in a set of several sizes or an individual size.