Yes definitely you can prepare for MBA now as it is a post graduation course.

If you are starting now and looking to give exams next year then you have enough time for preparations. You should start with basics by using books like Arun Sharma for quantitative questions. And start  reading books to improve your English, start memorizing 5 words daily with their meaning to improve your vocabulary. Along with this mock test are very necessary which gives you an idea about real exam.
After every mock test make sure you analyse the solution in order to overcome your mistakes and also develop a strategy to attempt  your paper in a better way which will definitely help in improving your marks and percentile.

If you are going to join a coaching then itvwill be good as they make all happen in a systematic manner and also have their own test series. Career Launcher and TIME are two best coaching for preparing to appear in any MBA exam.

All the best!!