First of all, understand that you will get caught bluffing. It’s all a part of the game. When you do, don’t freak out or let it rattle you. Instead, it’s time, once again, to step outside yourself and try to see the hand through your opponent’s eyes. This turns out to be considerably less difficult than evaluating your pre-bluff strategy because oftentimes your opponent will start crowing at you at length about how he just knew that you weren’t telling the truth and that you never were a good bluffer and a whole bunch of other gibberish you’d rather not hear (but absolutely should listen to).
The immediate thing that your bluff tells other players is that, yes, you do in fact have the ability to bluff built into your character. This knowledge may cause a few players to immediately, completely reevaluate your play on the chance they thought you weren’t capable of it.
You’ll almost certainly be thought of as a looser player, no matter how tight or loose they thought you were before. This means you’ll be more even more likely to be called, so tighten up on the hands you play a bit, but don’t be afraid to go ahead and bet aggressively. Because players are more likely to call, you may well be able to recoup what you’ve lost in just a few large bets.
It may also indicate to other players that you’re unable to read a tell on another player at the table if she happened to have a monster hand and you sort of missed that in your frenzy of trying to bluff against her. This, in turn, may cause the other players to be not quite as guarded toward you in their plays (because, after all, you’re an idiot if you couldn’t see that one coming) and you may find you’re suddenly able to pick up much more information about other players (especially when playing only one other player heads-up in a pot).