No, because all of the people who were marginal customers will just forgo your product or service. You can pass on all of an increase in costs for goods with price inelastic demand. If demand is elastic you either have to eat the margin or go out of business.

It doesn't work that way either. Consumers are not suddenly going to have more to spend due to hike of minimum wage.

If the inflation keeps low, total amount of money in the economy is relative constant, thus the cake is not getting much bigger, increasing minimum wage is going to reduce the number of jobs in the sector that is paying previous the minimum wage.

But then you’re just increasing inflation, and the people you pay $15/hour end up having the same purchasing power as before.

This seems to assume that every good purchased is created by a minimum wage work force. That not being the case, the minimum wage work force purchasing power increases for everything else that is imported or produced by a higher wage work force.