Times out work better.  STOP THE CHIN GRABBING, PLEASE, AND AVOID
STRIKING OR OTHERWISE TEACHING THE FERRET TO NOT TRUST YOU SINCE THAT
WILL BACKFIRE WITH ONE WHO IS AT ALL HARD TO TRAIN!  Pick up the ferret
as soon after as possible after the bite.  Use an annoyed noise of some
type from "No!" or an angry sounding mumble, to hissing.  Put ferret in
cage or carrier for maybe 5 minutes but no more than 10 minutes.  Let
the ferret see that other ferrets who are behaving are really winning
but ignore the ferret in the cage.
 
*****Okay: this part is even MORE important; when the ferret is being
good lavish praise on the ferret and sometimes give treat then.  Ferrets
will do almost anything to please a person and it is easier to treat them
to model their behavior TOWARD something that works for you rather than
away from something that doesn't.  When they know that behaving gets them
adored they stop doing the things which get them ignored.*****
 
*****Also, extremely important: have a vet check done to make sure that
there is no medical or dental problem causing pain, and check for vision
and hearing.  There are techniques which reduce startle response in those
with sensory handicaps, and when ferrets have pain they often stop biting
once the painful problem has been corrected by a vet.*****
 
Also important: Be sure to get all the vaccinations and not let others
who may cause a problem handle the ferret.  A ferret who bites someone
but hasn't had the appropriate vaccines is at risk of being destroyed
(though many states will allow a special many months quarantine not all
do for unvaccinated ones who have bitten).  One thing I learned from
following up on a number of cases before the Compendium was changed was
that ex-boyfriends kept showing up as a repeat group for demands of the
animals being killed, and for pet stores the mothers of small children
did (which is why those ventilated plexiglass containers began showing
up so much at first)
 
That is based on over 21 years of experience and decent bit of rehab.
 
Regina's page will help you:
http://www.geocities.com/SoHo/Lofts/1083/probintro.html
[Posted in FML issue 4344]