Without knowing your organization or how your team develops, it is hard (maybe impossible) to make a recommendation.
In our organization, the majority of our development is organized around releases, so we did a "branch on release" approach. That works great for us. We also do bug fixes, so we've implemented a "branch on feature" approach off of the production line for bug-fixes.
If you have different people all working on different features that might make it to production at different times, a "branch on feature" approach might work.
If you are all working on the same development line, a single "development" branch might work for you.
It took us months to finalize our branching strategy (for 14+ team projects, around 80 developers, and multiple applications). I don't expect that it will take quite as long for a smaller organization, but definitely spend some quality time thinking about this, and consider bringing in some outside expertise to give you guidance.