docs: 🎨 improvements on the contribution docs

Added steps to run the project locally

CONTRIBUTING.md

@@ -37,3 +37,34 @@ so that more people can benefit from it.
 
 [See this page](https://github.com/logspace-ai/langflow/labels) for an overview of
 the system we use to tag our issues and pull requests.
+
+
+### Local development
+You can develop LangFlow using docker compose, or locally.
+
+#### **Docker compose**
+This will run the backend and frontend in separate containers. The frontend will be available at `localhost:3000` and the backend at `localhost:5003`.
+```bash
+docker compose up --build
+```
+
+#### **Locally**
+Run locally by cloning the repository and installing the dependencies. We recommend using a virtual environment to isolate the dependencies from your system.
+
+Before you start, make sure you have the following installed:
+  - Poetry
+  - Node.js
+
+For the backend, you will need to install the dependencies and start the development server.
+```bash
+poetry install
+# Port 5003 is required for the backend to work with the frontend
+make run_backend
+```
+For the frontend, you will need to install the dependencies and start the development server.
+```bash
+cd langflow/frontend
+npm install
+npm start
+```
+