First you need access your Website from the admin back end in order to display the Admin Bar.
Once you have the Admin Bar to display your Text Labels, click on the "Show Text Labels" icon. All the available Text Labels on that specific page, will be highlighted.
To look for the Text Label you want to edit you can either scroll through the Page or you can use the Text Label Search that can be found in the bottom right corner of the screen:
You can edit the Text directly through this Text Label Search:
Important Note: there are some areas the text labels cannot be highlighted by the tool, like if the text label is the placeholder attribute of a field, a <select><option>, or not initially displayed on the page. However, using the on-page text label editor, you can still edit this text label:
To learn more about the Text Labels you can check out the following article: