Start by focusing on the plot. Make sure it's clear and engaging. Then, look at the characters - are they well-developed? Also, check for grammar and spelling errors.
Well, editing a short story involves several steps. One important aspect is to refine the dialogue - make it sound natural and revealing of the characters' personalities. Another is to ensure the pacing is right - not too slow or too fast. Also, look for consistency in the tone and style throughout the story.