There are an awful lot of folks on here who talk about getting in on the second try so what you are talking about is not unprecedented. See what you can do to strengthen your application and then do it. Were you 3Q but not admitted? If so, figure out what you can do to add a few more points to your WCS. Maybe a few more pull ups or knock some time off your mile. If you were a bit low in one of the SAT/ACT areas, bust your butt to get that part higher. Get in school and do a great job right now with your academics.
Whatever it is you need to do to make your application stronger, do not hesitate to talk about what you learned from the process and how you applied that learning in your essays. It will be a help.