Do the benefits of raising the minimum wage outweigh the drawbacks?

It really depends on which perspective you're talking about. As a whole, though, I think it would not be much of an impact.
From the workers' perspective, raising the minimum wage would be a huge advantage, since, of course, people want to make more money in the same amount of time. They'd be happier to work and would like working better. 
From the payer/boss' perspective, however, raising the minimum wage would not be a good thing, since they would need to pay more in a shorter amount of time. This could eventually pose problems for the business or company and lead to bankruptcy. 
For society as a whole, if one minimum wage changes, many other businesses would take this as an advantage and sell things for even less. There'd be much more competition and there would also be inflation. So, for the financial society, there wouldn't be much of a benefit. 
Raising the minimum wage, however, does help persuade people that are poor, that don't work, or don't have jobs to work. This could benefit us because it can decrease the amount of people on the streets (in which the government gives food and funds to) and save money for the government and taxpayers. 

Hope this helps!