Prices aren't determined based on ability to pay for something. They're based on the public's willingness to pay. So even if I have more money in my bank account because my wage was raised, if a store raises prices of something to a level I'm not willing to pay, I won't buy it. Prices may rise yes, but I don't think it's accurate to expect they all rise to a degree that mimics the minimum wage raise and thus nobody is better off.
There are many ways I could go to validate a minimum wage raise. The hard truth, however, is that if someone currently pays the fed minimum wage, the Gov't is subsiding their business indirectly because they are having to give additional aid to people working those jobs because they're often below the poverty line.
I think if someone is running a successful business they should be able to pay their employees and keep them out of poverty. If they rely on employees receiving additional Gov't aid to simply survive, then I'm sorry but it doesn't sound like they're running a successful business.
As much as I'm in favor of small business success. I cannot support a small business that is only viable because of constant Gov't support. At least not in an economy that tries to lift up the "free market."