Qualitative analysis often requires a significant time commitment, due to the need to transcribe material and then apply a variety of analytic strategies, which can include coding, writing memos, and “connecting strategies” like narrative analysis (Maxwell 2013).
When should I start?
It is easy for material to pile up and become overwhelming; analysis shouldn't wait until data collection is complete. You can begin analysis after completing your first interview or observation, and should continue it throughout the research process (Maxwell 2013; Braun and Clarke 2013).
How should I do it?
You should consult works that describe and demonstrate analytic approaches in detail. A few that could get you started:
Data cleaning/reducing
Regardless of your specific approach, you will need to do some amount of reviewing your raw data and transforming it into a form suited to analysis. This may happen throughout the project, as you'll want to review your data in full, as well as in process.
Coding
Memos
Connecting Strategies
This depends on the specifics of your project, but generally, transcribing and analyzing your data will take a long time. Asher and Miller (2016) describe a four-to-one relationship: four hours of transcription needed for one hour of interview material.
For data analysis, Braun and Clarke (2013) recommend allocating over half of the total research project timeline to data analysis, in a timeline with overlapping stages.