Once you prestige, all of your progress in that building will be reset, but you'll get a higher income multiplier, and you'll earn skill points for researching new skills.
To start the prestige, firstly you need to pay a fee in building cash, and unlock the feature. After that, you can click the prestige button, and the reset is going to happen. Depending on your building income, you will earn more skill points, and a stronger boost multiplier for your employees. Also worth noting is that after you prestige, the progress not fully reset to the beginning, you're left with everything you've researched in the lab, one unlocked rig spot, all pets and plants, and all of your managers are at your disposal.
The best way to do the prestige is to open the research laboratory popup, and navigate to the Prestige tab. There you'll see a bar, with a marker showing how much skills are you going to get if you prestige now, and a stretch goal. Try referencing this bar frequently, to find an optimal time to do a prestige!