It makes sense, but make some minor corrections.
These are called commands in English. In commands, the subject "you" is omitted. Start the sentence with the verb just as you have done. Remember that commands are to be clear; specific, and state them in active voice.
Since there are only two sides to a plate, it's better to state the front side or back [bottom] side vs. one side or the other side. Don't be specific, if it doesn't matter, but expect questions when your command is not specific. Less specific = more questions.
Minor correction: Change the 2nd "on one side" to "the blue side."
Color one side of the plate in blue and the other side in red, and then
draw a picture on the blue side.
Color the front side of the plate in blue, and the back side in red, and then draw a picture on the front side of the plate.
Nice job! Cheers!