What are the basics when building my own killer BBQ sauce?

So for the past four years I’ve been honing my charcoal grilling skills . . . for the first time ever, I used BBQ sauce (and honey) on my chicken (I’m kinda snobby about grilling, so I don’t like to use sauces b/c I want to taste the natural flavors of the meat and coal and wood).

In any case, I really liked the chicken tonight, so I thought I might start working on my next grilling hobby: BBQ sauce!

What basics should I know as I start my studies on making a killer custom BBQ sauce?