Applying Shrink Tips
Lacing tips are sold by the foot and are actually a shrinkable tube.
1/8"diameter before shrinking
Cut a piece of tubing about ¾" long. Using a needle and thread (contrasting thread used for illustration purposes, you'll probably want yours to match!) bind the end of a lace, do not cut the thread! Drop the needle through the piece of tube and tug gently until the cord end is well within the tube. Hold the tube close to a candle flame or hot iron; be careful not to touch either. The tube will begin to shrink and tighten around the cord. Let cool and cut off excess tube. Repeat with opposite end of cord.
For more costumeing tips check out Farthingales Tips n Tricks