I'm not fond of arbitrary branches i.e. Fred's bugfixes or Harry's bugfixes. I'm much more comfortable with one (independent) feature one branch which allows multiple developers to operate on one feature; but for the feature to be merged only when it's complete.
So, right now you only need the "bugfix" branch but once you start development you should create a branch for every significant feature. That way when they are done they can be merged in & released without being dependent on other buggier functionality.
Not sure how good TFS is at merging but I'm sure you'll know in a few months :)