We use Shannon's definition of information to develop a theory to predict a photon-counting-based single-molecule experiment's ability to measure the desired property. We treat three phenomena that are commonly measured on single molecules: spectral fluctuations of a solvatochromic dye; assignment of the azimuthal dipole angle; determination of a distance by fluorescence resonant energy transfer using Forster's theory. We consider the effect of background and other "imperfections" on the measurement through the decrease in information.