How hard is it to start your own race?

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Ok, So I love to run and especially run in races. every race I run I always tell myself I could definitly start and run my own race in both sense of the word. How much do you think it would cost in order to start a race like a 5k? I know you need permits and medals and something to give away and stuff like that so what would that cost approximatly? I would love to start my own road race! Any ideas?