Update README with instructions on how to run the application

[shinyay]

Related to #1

Update the README.md file with instructions on how to run the application locally.

• Usage Section

  • Add a new section under "Usage" to include detailed steps on how to run the application locally.
  • Include instructions for setting up the virtual environment, installing dependencies, setting up the database, and running the Flask application.

• Database Setup

  • Add steps to initialize the SQLite database using Flask-Migrate commands.

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