A novel experimental method is presented to determine the optical efficiency and the loss channels of a luminescent solar concentrator (LSC). Despite strong promise, LSCs have not yet reached their full potential due to various mechanisms affecting the device's optical efficiency. Among those loss channels, escape cone and non-unity quantum yield losses are generally the most dominant. To further advance the field of LSCs, it is vital to understand the impact of each independently. So far, researchers have only characterized the total loss in LSCs. Here, an experimental method is proposed to separate the contribution from each individual loss channel. The experimental apparatus is the same as used for quantum yield measurements of fluorophores in solid samples. Therefore, the setup is commonly available to research groups already involved in LSC research. The accuracy of this method is demonstrated by comparing the experimental results with Monte-Carlo ray tracing. Our experimental method can have a strong impact on LSC research as it offers a means to unveil the loss channels of LSCs in addition to the optical efficiency.