There are several synonyms for the phrase "sets up shop," which all imply the act of establishing a business or starting a venture. One alternative phrase is "opens a storefront," which specifically refers to a physical location for the business. "Launches a business" or "starts a venture" are broader phrases that could refer to any type of business, whether it has a physical location or not. "Establishes a company" or "forms a corporation" are more formal alternatives that may be more appropriate in a professional or legal context. No matter which phrase is used, they all convey the idea of creating something new and setting it up for success.