A collapsible bullnose assembly may include a mandrel, a bullnose secured to a distal end of the mandrel, a lower ramp disposed about the mandrel adjacent the bullnose and having a first ramped surface, and an upper ramp slidably disposed around and releasably secured to the mandrel. The upper ramp may have a second ramped surface axially offset from the first ramped surface. The collapsible bullnose assembly may further include a collapsible guide member having opposing ends initially supported on the first and second ramped surfaces and protruding radially outwardly of the bullnose. The collapsible guide member may be actuatable to a radially collapsed orientation in response to axially shifting the upper ramp along the mandrel to a released position away from the lower ramp.