If you are lucky you may have a couple of million in the Bank but that won't be enough to turn things around in a couple of sessions. You need to be committed to be in this for the long haul.
Have a plan. Base your coaching on getting 2 SPS per session. If you get a few more along the way as the season progresses then great either cash them or coach an extra youth player. Aim to coach your APP's & SBY's to level 12's by seasons end. Better to have 3 17/18 yr old level 12's than 5 level 8's.
Clear out the 24-4?s etc. to get them off the wage bill as they will be on relatively high wages. Either sell them to other managers at below NL price (you will still benefit vs selling to NL due to wages). If you can't get a buyer then hold on to them and run their contract down before selling to NL by session 10 - sales to NL go to half price after that.
Play 2 APPS or a SBY every game unless you have a realistic chance of winning but try to win your derby games. Keep your MP?s for derby games, matches against fellow strugglers and for (hopefully) a bit of a run in the Bowl.
Build up your cash balance. Keep building this until you have at least circa £8 million
Try to pick up bargains (below NL value) from the auction so you can then sell them on at a profit.
Invest money in youth. Don't rely on this producing multiple MF specialists, unless your name is Morten. What you will hopefully get is a few FUT's which you can coach at 0.5 SP per level or sell for cash. This is a good way of increasing your teams' skill level quickly.
Choose a category for the team and aim to get all the players of the same category (P, S or P/S). Having a power team is easier to build up quickly as there are more of them, there are plenty of 95 BW's around and are cheap to buy. However, longer term you will need to change the category of them team as power teams don't become super teams.
If you have players that don't match your chosen category look to trade them for another player who is. It is rare your team will be full of P/S players so if you have any it may be best to move them on to build up your cash balance or trade for another player.
Look to get a good quality GK and SW. You may not win many matches but two level 12's at the back could bring in some extra SP?s through 0-0 draws.
Don't coach anyone over the age of 18 unless there is a really good reason to do so e.g. 23-10 MF specialist.
You need a captain so you can afford one player over the age of 19 - hopefully your captain will star or get rejuvenated.
Within 2 seasons you should have a team full of level 12's and a decent cash balance as a solid platform to start your ascent to being the next KA super team.