In our home, when the kids wake up on Friday morning it is Already set. I know lots of people this way.
There are halachos about preparing for Shabbos, such as maybe even doing work before davening on Friday morning. (Work, as in preparing for Shabbos).
See the Gemaras about the Taanoyim and Amoriyim who prepared for Shabbos every day of the week, which by the way, is a chiyuv every day of the week, to remember Shabbos.