As a small business owner myself (3 in fact):
You could shut it down, you could sell it, you could hire a full time manager and semi retire or you could just sell more product and maybe make more money.
You could do lots of things but jumping on the idea that "it will destroy me", is incorrect. In fact it may make you and your suppliers and your workers prosper. Its rather simple economics.
And In most (all??) first world countries apart from America the min wage is meant to cover the cost of living and rises with inflation. It helps reduce crime, homelessness and all the other bad things.
Its fair.