Prepare your ingredients.
In a medium saucepan, combine all the ingredients: ketchup, brown sugar, apple cider vinegar, molasses, honey, Worcestershire sauce, Dijon mustard, smoked paprika, garlic powder, onion powder, cayenne pepper, salt, and black pepper.
Stir the ingredients together until well combined.
Place the saucepan over medium heat and bring the mixture to a simmer.
Reduce the heat to low and let the sauce simmer for about 20-30 minutes, stirring occasionally to prevent it from sticking to the bottom of the pan. The sauce should thicken slightly during this time.
Taste the sauce and adjust the seasonings according to your preference. If you prefer a sweeter sauce, add a bit more brown sugar or honey. For more heat, increase the amount of cayenne pepper.
Once the sauce has thickened to your desired consistency, remove it from the heat and let it cool.
You can use the sauce immediately, but for the best flavor, it's recommended to refrigerate it for at least a few hours or overnight to allow the flavors to meld together.