Two ways: either get a biding router bit set, essentially rabbet bits with a variety of different ball bearings to guide your way around. StewMac sells a cheap-ish, basic set, LMI has a hugely expansive one. Works best if you've got a flat-topped electric.
Second option, get an edge guide for your router. StewMac sells a mini router base and edge guide for the dremel, ostensibly for the purpose of routing binding channels, but honestly, I think the Dremel is utterly useless for anything but inlay routing, and it's not really the best tool for that, either. Use a router or a laminate trimmer for the job.
On carved top electrics, wherever possible, I route for binding and sometimes even install it before carving the top. After all, full height purfling's no problem.
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