Spend less time in class, get the same degree

Most universities now offer an Executive MBA program (EMBA), which requires far less class time — often compressing courses to one day a week. All participants are expected to spend the rest of their week at full-time professional positions.

I recommend: Check out this directory of Executive MBA programs in the U.S. and abroad or search this BusinessWeek EMBA database.

Study from home or office

For those business owners who don't have the time or inclination to head to a classroom every few days, an online MBA — also called distance learning — has become a viable option.

I recommend: Find distance learning choices in these directories from Princeton Review and MBA Business Schools.

Split your time between home and class.

Low-residency degree programs typically involve spending a few days each semester on campus, and the rest at home completing coursework. Part-time MBAs take longer to earn, but require fewer courses each semester.

I recommend: Determine whether MBA programs you're interested in have a low residency or part-time option by searching this database.

Don't overlook management programs for entrepreneurs

Although they don't grant a Master of Business Administration degree, if you're primarily after business skill-building, there are a number of high-powered entrepreneurial programs that might fit the bill.

I recommend: Look into programs such as Wharton Programs for Working Professionals, UCLA's Management Development for Entrepreneurs, or Columbia University's Entrepreneurship Program.

Start preparing now

One of the challenges of the MBA is getting into the school of your choice; a lot depends on how you present yourself in your application essay.And you'll need to carefully look at how you'll afford the program and the lost-time to your business.

I recommend: Skim the advice on writing your application essay to give yourself better odds. As you start planning to go back to school, learn more about any available financial aid to help pay for your degree.