A lot of people think going in the red at lower clubs is the death of them. In some cases it is, but for the majority of the time that I find that when I go into the red it's actually a good thing (best aspect in this game is money management for me). In your case since you are in BSP and just build a new stadium this is actually good for you to be financial insecure.
First always try for promotion like manutdfc said. Plus if you get promoted more money from a high league as well as tv rights and helps your club stature grow. Especially in the English leagues being in the red is never that bad cause of how much money brings from tv rights and strong place finishes.
Secondly still go out and get people. If you have a transfer budget that is (probably one of the few people who will say that). One is since you are already in the red and if you have a transfer budget you might as well spend it cause next year you won't have it even if you get promoted. If you have the funds might as well try to bring in some people to help out your team to chase the promotion. If not just try to get loan people and free's (with the first patch I hardly ever buy anyone anyways cause you can never sell them for a profit unless you are trying to get into champs league).
Third your owner will do one of two things if you are still in the red at the end of the year. One he will inject money into the club to actually get you out of the red, although you will be in the red at the start of the next year and he will repeat as well if you are doing well in the league, Or he will take out a loan. Loans especially in England again aren't that bad cause you can whip them if you keep getting promoted. Either one will happen and sometimes both, but in a year or two he will sell the club so hopefully if you do have loans they can either be wiped clean, or get at least some money invested into the club.