Divide batter evenly into 4 small bowls. About 1 cup batter per bowl.
Stir 3-4 generous drops of food dye into each bowl so that you have four different colors: grape purple, sunset yellow, sky blue and red.
Preheat waffle maker. Grease with nonstick cooking spray or cooking oil.
Using a 1/4-1/2 cup measuring cup (depending on the size of your waffle maker), add about 1 tablespoon of each colored batter to the measuring cup at a time without stirring them together, alternating until the measuring cup is full.
Pour the batter onto the waffle maker and let cook according to instructions. Repeat with the remaining batter.
Serve immediately or place in a 200°F oven to keep warm until ready to serve.