Note: If you're not using .550 cord, please Skip to the Next --> page.
First
Take your Handy Scissors...

And Cut the end of the .550 cord...
Pull
out the white inner strings of the .550 cord. ... roughly 4" or 5" and
eviscerate... 
Pull the black cord sheathing over the 'Guts', so that the white strings go back inside the cord.

Once they are out of the way, CAREFULLY light the end of the .550, let the end fully engulf and carefully blow it out.
It is nylon so it will be hot and melting and could burn you!!!!!

CAREFULLY work the end in to a tip. This is the tricky part if you lack common sense.
The point of taking some of the center line out is to take 'bounce' out of the cord. While still retaining a maximum of strength from the cord. You don't HAVE TO do it, but it will help later when you discover that a 'static' line is easier to learn with than a 'dynamic' "bouncy" line.