Step 2: Select your subjects and make them separate layers.
Step 3: Add a rectangle the size of or bigger than your image. Make sure the layer is under all of your existing layers.
Step 4: Hide your original layer so that only your background and subjects are showing.
Step 5: Add a black and white adjustment layer
Step 6: Select the areas you do not wish to be black and white
Step 6 Result:
Step 7: Add your desired text under the layers of the subjects. To make your edit more sophisticated use the warp text button to do this.
Step 8: Add all your text and change fonts and shades to get a better effect.
Step 9: Add a subtle glow to your main subject. Do this by clicking layer in the top left corner. Scroll down to layer style and click the 'outer glow' option. Play with the options as needed.