How to author a binary plugin for use within a monorepo?

I have a monorepo containing many libraries and a few applications. I’d like to create a binary plugin within this monorepo that would be used by some of the modules.

I’ve had a go at trying to do this but come up against some obstacles. Before I go any further I’d like to know if it is possible to do what I’m trying to do, or does the plugin need to live in a separate repository and be published in order for the monorepo to use it.

Sure, should work just fine.