This study covers the investigation and preliminary testing of fuel formulations for hybrid rocket motors utilizing nitrous oxide as the oxidizer, with the primary objective of enhancing volumetric specific impulse (Isp∗ρ). Conventional HTPB based fuels, while reliable and widely used, often face limitations in energy density and regression rates. To address these challenges, a series of fuel blends incorporating energetic additives, metal powders, and halogen donors were formulated and partially tested. Experimental and computational analyses were conducted to evaluate combustion performance, exhaust gas properties, and propellant density for these formulations. Results demonstrated significant improvements in volumetric specific impulse, with selected formulations achieving up to a 10% increase in delivered volumetric impulse compared to the chosen theoretical baseline. The study also explores the tradeoffs between performance gains, ease of manufacturing and safety.