you could ask that but its a bit impolite unless you know the person well. A better way to phrase that would be "Is business good?"

In the right context, it's perfect. You will often hear just "How's business?" or ""How's business for you?"

how's your business going?

H: (looks at S) How is your business going? https://business.tutsplus.com/articles/7-tips-on-what-information-to-put-on-your-business-card--cms-25194