The first step in analyzing a literary work is to decide if you will use established literary theory to guide your critique. Choosing a branch of theory, whether it be feminist, Marxist, post-constructionalist or post-modernist, will help you focus on the things to look for in the text. Examine the work through the lens of a specific theory and focus your writing to support that theory. Using a theoretical framework to construct your assertions will help you streamline your essay.
The research you do should come from reputable sources and be used sparingly to support your own ideas. Do not fill your paper with quotes and ideas from outside sources. Instead, find ways to use those sources to back-up what you are saying. The theoretical framework you use will help you determine the proper research to perform. For example, when using feminist theory, instead of finding feminists who have already done an analysis of the work, use sources from feminist authors such as Helene Cixous or Simone DeBeauvoir who form the foundation of feminist theory. Your ideas, backed by feminist theory, carry more weight than quoting another author's analysis of the text using the same theory.
Start by critiquing the main plot, the characters, the point-of-view of the author, the tone that the text was written in, and the overall themes of the work. Start broadly and narrow down as you go. Use quotes from the text to back-up your claims. Focus on individual characters. Ask yourself how the character figures into the overall plot and theme that the author is constructing, and how the representation of the character figures into the context provided by your theoretical framework.
Delve deeply into the work and pay close attention to the symbolism and imagery. Ask yourself how the symbolism and imagery relates to the overall theme and plot, and how it works into the setting of the text. The author may not have intended it certain connections, but by using your theory, you can find the symbolism and imagery to support your claims in any work. Take into account the time period that the work was written in to find relevant symbolism that may not be obvious to the contemporary reader.
Now that you have your outline to back-up your theory, you can write the paper. Plan out your thesis statement. Use clear and concise prose determined to catch the reader's attention. Fully state your stance and theory regarding the text. Each body paragraph should relate back to your overall thesis. Narrow down your thoughts and disregard any information that is not crucial to getting your point across. Avoid going off on tangents that do not relate to the overall thesis.