I own and run a very successful business with my Partner, so you are wrong. We have always paid our staff well above the minimum wage anyway, we value our staff, and as our business becomes more successful, we can afford to pay our staff a wage that is fair, and reflects the value and respect we have for the people who work for us. In turn we have staff that are productive, happy, loyal, and reliable. This has been a big factor in increasing our business 300% in the last 4 years.
I have seen businesses fail because they pay their staff the minimum wage, or lower, if they think they can get away with it. Their staff have no loyalty to the business, and the staff turnover is very high. This in turn adds extra costs of training new staff, and the loss of productivity while new staff must be found.
Paying minimum wages, or below, is a false economy, and any person running a successful business knows this.