The average cost to start a McDonald's is around $1 million.

The rate of return is absurd.

Most franchise owners also become experts running at running a restaurant franchise making them even less likely to move into something else. McDonalds isn't going anywhere when minimum wage goes up.

Your point would have been better if you'd been talking about someone working at a small struggling restaurant that was barley able to stay open.

Even then, you're completely ignoring the effect that moving money from the wealthy to low income earners will have on the economy (read up on velocity of money). There are definitely more efficient ways to do this, but you can't just ignore the effect and state that minimum wage = fewer jobs.