You should set up channel partnerships when it helps your business access new customers while filling an existing need for the partner and not competing with your direct business.
The first part “accessing customers” means that setting up the partnership should benefit you by cheaply acquiring customers the partner already has. It doesn’t work if the partner doesn’t have an ongoing relationship with these customers and it doesn’t work if you can’t make money from these customers.
The next part about filling an “existing need” is that the partner likely has many other partnership opportunities without you so by solving a problem they have already recognized will help prioritize partnering (keep in mind the build, buy, partner framework).
Finally, while partnerships can accelerate growth, long-term you need to be sure it doesn’t compete with your direct business. It would be a bad trade to cannabilize your business by offering the same thing to the same target market through a partner and make less money.
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