IMHO, you should pay a living wage or close your business and find someone who will pay you a living wage.
1. Where are you? A living wage where I am, here in southwest TN, is MUCH cheaper than, say, Los Angeles.
2. What do we assume is included? Are we counting cost for housing, food, electricity and water alone? Are we including cost for the things our ancestors never had but we now consider essential, such as phone service, phone data service, various TV streaming services, etc?