Determine whether the title indicates the main idea, names the main character or gives insight into some other facet of the story. Because the title is the first thing you see, it will be important to the story in some way. It is up to you to decide what that way is.
Examine the characters. Each character has a specific role in the story. The characters' actions, words, phraseology and appearances show their personalities, and their personalities contribute to the flavor and feel of the story.
Analyze the setting. Maybe the setting takes place in modern times or in a different era or century. Ask yourself whether it takes place in an urban or rural area; in the United States or in another country. It's even possible that events occur in just one room. The setting lends reality and believability to the story. It helps you visualize the action.
Decide on the point of view. For example, if the main character speaks in first person, the story may seem more personal, but you will not get insight into the other characters' thoughts.
Find the message. Maybe the author is trying to convince the reader of his point of view. Or maybe the message is about good and evil and which will prevail. Perhaps it's about love and its heartbreaks or love and its joys. Whatever the case may be, authors generally have some sort of message.
Determine the plot and sequence of events. Maybe the author jumps around or shows events in a chronological order, or maybe the events themselves appear to determine the direction of the story.
Decide whether symbolism is involved. A person, an animal or an object may sometime represent something other than what it appears. You may have to search hard to find symbols, or they may be obvious.