You must be itching to throw down some molten metal by now; however, you still need to prepare the tip of your soldering iron.

Now that your soldering iron's tip is hot, clean it by melting a small amount of solder directly on the tip and wiping it off on your damp sponge.

Melt another small ball of solder onto the tip of the soldering iron, but do not wipe it off. This is called "tinning" the iron, and will improve heat conductivity, allowing you to solder more quickly and efficiently.

Regular cleaning and tinning of your soldering iron while working will lead to better solder joints and longer tip life.