Even a career field as strong as carpentry and contracting has some less attractive features that must be considered. Understanding this will give you a more balanced picture of the industry that will help you make a final decision about your goals.
Carpentry is physically demanding work. The hours can be very long, particularly during good weather stretches when contractors need to get as much work done as possible. The work generally starts early in the morning and can go until late afternoon or evening, especially if a project is behind schedule. The work itself can be exhausting. Even with the development of power nailers and high-tech saws, there is still a considerable amount of muscle needed to build or remodel furniture, cabinets or buildings. Most of the work involves being on your feet, sometimes kneeling or squatting, something that is hard on knee joints and backs. Carpenters tend to look for other work as they grow older and the demands of the work become too much for their bodies to handle.
Compounding the physical demands are the extremes of weather that carpenters might face. Those who are involved in building houses and other buildings will find themselves working outdoors, sometimes in freezing cold weather, sometimes in extreme heat. The outdoors can be very uncomfortable and can even cause illness (such as heat stroke).
Even carpenters with indoor jobs will face city restraints on when they can work. On hot days, a carpenter may prefer to start at sunrise, but city codes may prohibit starting that early, forcing the workers to face the heat of the day instead. Carpenters working indoors may want to start early or work late, but working on a project in someone's home will restrict their access to the project.
While the overall outlook for this field is strong, carpentry and contracting are subject to the economy, like many other fields. During times of economic downturn, building and remodeling projects tend to be postponed, leaving carpenters and contractors without enough work. Those who are self-employed may find themselves competing for jobs with bigger companies that can afford to bid lower to get the work, and all carpenters face the risk that employers may default on contracts, leaving them unpaid for work they've already done. There are legal remedies that can be taken, but if the person or company defaulting has no money, there is little that can be done.
Pay may be sporadic or delayed. Projects are not usually paid in full until the work is completed, and outdoor work that is delayed due to weather will cause delays in pay for carpenters as well. Financial hardship, even while employed on a large and potentially profitable project, is a real possibility.
Physical risks are present as well. Carpenters who frame buildings are likely to find themselves high above the ground, balancing on thin planks of wood. One misstep and they can be injured, sometimes gravely. If the injuries are severe enough, it can put the carpenter out of work for an extended period of time, or can even cause them to give up carpentry altogether. Self-employed carpenters, faced with high insurance costs, may decide not to insure themselves for these kinds of accidents, but without it, they may face overwhelming medical and extended care costs if an accident occurs. They will also lose income until they can return to work.