add instructions for local development setup

Author: haroon10725

Diff for: packages/ui/README.md

@@ -40,7 +40,33 @@ Under the hood, this library simply uses the official [@material/web](https://gi
 
 ## Contributing
 
-We're looking for maintainers and contributors!
+### Local Development Setup 💻
+
+1. Fork this repository
+
+2. Clone your forked copy of the project
+
+3. Change to the project directory
+
+4. To install all project dependencies, run the following command:
+
+```
+pnpm i
+```
+
+5. To build the project, run the following command (this needs to be done only once):
+
+```
+pnpm build
+```
+
+6. To run the code locally, run the following code:
+
+```
+pnpm dev
+```
+
+This will run the demo app, and whenever you update the library, the app should rebuild
 
 ### Roadmap 🚀