I am currently working on IT field (H1B) stauts. However, I also have my own business (Not IT Business) on a side for past 3 years. My question is: can i apply for some other visa status from my own existing business, so that I don't have to work for this current company.

Thanks

Well, you are in violation already since H1B visa holders are not allowed to be involved in other business (although personal stock investments are allowed).

May be you can have a GC holder or a citizen or an asylee run the business and then have him sponsor you granted you meet all the other requirements.