Lyric discussion by MaryMaryQuiteContrary 

I disagree. His new beginning is her. She's right before his eyes and it has taken him a long time to reach the moment where he has the courage to reach for what he's wanted for a very long time. He believes she is better than he, and his feelings of being unworthy have kept him doubting his ability to be with her. He believes she must be lonely if she wants him (hence his low self-esteem and doubt).

THANK YOU! I think your interpretation is the closest and most accurate. I have a very similar theory as well.

He mentions realizing "It's right before my eyes" which means he acknowledges he has feelings for this girl. The only thing that stopping him is cold feet. He's wondering if he will have the time to put into a relationship (Maybe next year, I'll have no time, To think about the questions to address) or if she will end up searching for someone "better" than him (I wouldn't test you, I'm not the best you could have attained Why try...