We use Shannon’s definition of information to develop a theory to predict the ability of a photon-counting-based single molecule experiment to result in the measurement of a desired property. We treat several phenomena that are commonly measured on single molecules. We treat spectral fluctuations of a solvatochromic dye. We treat assignment of the azimuthal dipole angle. We treat determination of a distance by fluorescence resonant energy transfer using Förster’s theory. We consider the effect of background and other “imperfections” on the measurement through the decrease in information. We have implemented the information theoretical results in cross-platform commercial analysis programs and have made them available for download at http://www.singlemolecule.net.