Same as above almost.
Make the canvas about 200 pixels more than the image size then put what text you want, where you want it.
When you are happy with the look of it, hide all the layers except the text layers. Then merge all visible layers.
You can now make the merged layer into a smart object.
When you have made the smart object and are happy with it, you may want to share it

I'm sure others may want something similar