You started using social media before you even owned a business, as a simple way to keep in touch with your friends. Now that you run your own company, though, it's impossible to deny the potential that it gives you. You can connect with customers and consumers, post ads, use text, images and videos, and find an audience that is already interested in your products -- no matter where you are physically located. It's a tool that business owners from previous generations would have absolutely loved. However, that doesn't make it impossible to fail. You still need to know what steps to take and what mistakes to avoid so that you get the most out of your social media profile.