Then lets remember what a Beef Cow does best. This is the trait we want to capitalize on. Make sure your lease agreement is flexible enough to deal with the ups and downs of the cycle. Don't forget the biological lag time-it's often a year after purchase before the cow gives you anything to sell. The cost of carrying her for that year has to be included.
Management is always a biggy.
Production wise don't get sucked into more lbs. Make sure you are looking at the production per cow exposed, not just your top weaning wt. Then you'll need to market that production. Those who have done best have either been in for the long haul, or have lucked out in buying low and selling high. Indications are that we are into an expansion phase again.