Examine the title. Often the title will hint at the theme or mention the name of the main character, so it is good to be familiar with it and consider what it may represent early in the process of interpreting.
Consider the characters, their roles in the story and the point of view from which the story is told. Do you learn most about the characters through their actions, dialogue or thoughts (or a combination thereof)? Ask yourself why the author may have chosen the point of view. What does the point of view help us learn from the story that would be different if the author had used a different form?
Examine the setting and its role. In what time period is the story set? Where? Are there any details about the setting that can help you understand more about the characters, their actions, how the plot unfolds and the possible theme?
Map out the plot on a sheet of paper and list internal and external conflicts, major and minor conflicts, moments where suspense is created and turning points of action that lead to the resolution. Revisit your considerations of the character and setting and see how these details fit or are important to the unfolding of the plot.
Pay close attention to the author's use of language, both in the exposition and dialogue. See if there are any descriptions that could also be symbolic and hint at the theme. Metaphors and similes can be especially helpful.