This practical Science Careers article by Megan T brown introduces the financial realities of running a research group for the first time. Whilst framed for early career researchers, this guide has much practical advice for Established Researchers. The article provides a clear overview of the financial principles PIs need to run a sustainable research group.

The resource is particularly relevant because it emphasises treating the lab as a small organisation with its own financial model. It highlights the importance of understanding institutional and funder rules, staff costs, equipment planning, and aligning spending decisions with longer-term research priorities.

Key insights include:

• Understanding the full cost of research staff, including salaries, pensions, and overheads.
• Planning equipment purchases carefully, recognising their long-term impact on the lab’s research capability.
• Maintaining financial flexibility, avoiding full commitment of funds early in the grant lifecycle.
• Working closely with departmental finance staff, who can help navigate institutional budgeting processes.
• Linking financial decisions to research strategy, ensuring spending supports the development of the research programme.

For new Lab Builders, the central message is that financial stewardship is a core leadership responsibility. Good budgeting enables researchers to support their team and respond strategically to emerging opportunities.