Use Smart Objects to combine the power of Photoshop with the versatility of RAW
In this image, the balloons are backlit and underexposed, so target them first. Begin by making a copy of the first layer. Go to Layer > Smart Objects > New Smart Object via Copy. Making a copy using this method means that each of your RAW Smart Object layers can be converted differently. If you made a copy of a Smart Object layer the usual way, each copy would link back to a single RAW conversion.