Came to the us in 2007 on a visitors' visa, converted to an h4 and got approval.My wife is on a H1 visa for 3 years renewable.I know am not eligible to work.
How best can I change my h4 status to an h1or any working visa.
Was thinking of starting a family business in my wife's name. Once the business is licensed I would apply for a change of my status.
Would that work, or is there a better way of going about it?

H-4 is not allowed to work, so if you want to establish a business or change status or both, in order not to jeopardize your status... yours and your wife's, it's recommended to consult an attorney.