A survey, commissioned by RatePoint, found that 36 percent of small business owners said that they believed their customers spent time on social networking sites. Twenty-seven percent said that they were unsure, and 20 percent said they did not think that their customers spent time on sites like Facebook or Twitter.

"Social media use is no longer limited to one demographic, everyone is adopting," said Neal Creighton, CEO and co-founder of RatePoint. [extra space] "While many small business owners are uncertain, big brands are investing heavily in social media. Social media can be a great equalizer for small businesses to compete alongside larger brands and SMBs are missing out if they are not involved."

Though not all entrepreneurs are taking full advantage, many have gotten into the game based on its relatively low cost. Seventy percent of those surveyed said that they engaged in social media because of how inexpensive it is.

Small business experts from around the country have sung the praises of social media. Tomica Bonner, small business expert for Technorati.com, wrote on the website that "[platforms like] Twitter [are] a way to market free to your followers and drive traffic to your business."